PNM Resources, Inc. Stock Price, News & Analysis

PNM Resources announced its 2022 year-end results, reporting GAAP net earnings of $169.5 million or $1.97 per diluted share, a decline from 2021's $195.8 million or $2.27 per share. Ongoing earnings improved to $231.5 million, with ongoing diluted EPS at $2.69, up from $2.45 in 2021. The company narrowed its ongoing earnings guidance for 2023 to a range of $2.65 to $2.75 per diluted share. Key developments included a 55% carbon-free generation portfolio and $2 billion in investments for grid modernization in New Mexico. The ongoing merger appeal with AVANGRID remains pending.

On January 27, 2023, PNM Resources (NYSE: PNM) announced it will release its 2022 year-end financial results before the market opens on February 24, 2023. A live conference call will be held at 11 a.m. Eastern Time to discuss these results and provide updates. The company, based in Albuquerque, N.M., reported consolidated operating revenues of $1.8 billion in 2021, serving approximately 800,000 customers in New Mexico and Texas. PNM aims for 100% emissions-free generation by 2040. More details will be available on their website.

Public Service Company of New Mexico (PNM) has filed a request for a rate change with the New Mexico Public Regulation Commission, projecting a net average residential customer bill increase of 0.9% in 2024. This filing seeks recovery on a total rate base of $2.7 billion, an increase of $336 million from its last filing in December 2016. The requested increase in retail non-fuel revenues amounts to $63.8 million, reflecting a 10.25% return on equity. If approved, new rates will take effect by January 1, 2024.

PNM Resources has announced a 5.8% increase in its annual dividend, now totaling $1.47 per share. The quarterly dividend is set at $0.3675 and payable on February 17, 2023, to shareholders on record by February 3, 2023. This marks the third dividend increase during the company's pending merger. The increase aligns with the firm’s ongoing earnings guidance of $2.60 to $2.75 per diluted share, reflecting a payout target of 55% of annual earnings.

PNM Resources (NYSE: PNM) will affirm its earnings guidance for 2022 and 2023 during the Edison Electric Institute Financial Conference. For 2022, ongoing earnings are projected at $2.63 to $2.68 per diluted share, while 2023 guidance is set between $2.60 and $2.75 per diluted share. The company, which serves approximately 800,000 customers in New Mexico and Texas, aims for 100% emissions-free generation by 2040. In 2021, PNM reported consolidated operating revenues of $1.8 billion.

PNM Resources reported a strong performance in Q3 2022, with GAAP earnings of $1.42 per diluted share, up from $1.32 in Q3 2021. Ongoing earnings also increased to $1.46 per diluted share compared to $1.37 in the prior year. The company raised its full-year ongoing earnings guidance for 2022 to a range of $2.63 - $2.68 per diluted share, while maintaining 2023 guidance at $2.60 - $2.75. Key drivers for growth included increased demand across New Mexico and Texas, despite challenges from coal generation reductions and higher operational expenses.

PNM Resources (NYSE: PNM) will announce its 2022 third quarter financial results on November 4, 2022, prior to market opening. A live conference call discussing these results and company updates will take place at 11 a.m. Eastern Time. Investors can pre-register for the call or join by telephone. The company, based in Albuquerque, N.M., reported $1.8 billion in operating revenues for 2021 and aims for 100% emissions-free generation by 2040. More details will be available on their website.

Public Service Company of New Mexico (PNM) submitted a grid modernization plan to the New Mexico Public Regulation Commission on Oct. 3, 2022. The $344 million investment aims to enhance electric system resilience, efficiency, and decarbonization. Key aspects include deploying smart meters and improving cybersecurity to protect customer data. The plan prioritizes low-income communities to ensure equitable access to clean energy. Approval from the NMPRC is required for the project, which aligns with legislation supporting grid modernization.

On September 30, 2022, Public Service Company of New Mexico (PNM), a subsidiary of PNM Resources, announced the closure of the last unit of the San Juan Generating Station, marking a significant step toward its Environmental, Social, and Governance (ESG) goals. With this closure, coal-fired generation now accounts for less than 10% of PNM's capacity, while carbon-free sources represent 55%. This achievement aligns with PNM's goal of a 60% reduction in carbon emissions by 2025 and aims for complete elimination by 2040.